HESTA managing almost 10pc of its portfolio in-house
Industry super fund HESTA is now internally managing almost 10 per cent ($7 billion) of its portfolio in-house, eighteen months after it launched its internalisation strategy.
Funds extoll member benefits of dangerous occupations exemption
Superannuation executives who have embraced the dangerous occupation exemption (DOE), a carve-out from Putting Members Interest First (PMIF) legislation introduced three years ago, have voiced surprised so few peers have followed suit. Cbus head of insurance Noel Lacey said his fund had been able to provide 210,000 members with automatic insurance cover since April 2020.
Dixon Advisory director taken to court by ASIC
Dixon Advisory director Paul Ryan will face civil charges for alleged breaches of director duties after ASIC alleges he made decisions that were to the advantage of Dixon holding company E&P Operations – where he was also a director – rather than the insolvent firm’s creditors.
Govt opens consultation on MIS review
The Albanese government has released a consultation paper examining the regulatory framework for Managed Investment Schemes to ensure it remains fit‑for‑purpose and effectively protects investors from unnecessary financial risk.
Cbus Super appoints head of portfolio strategies
Industry super fund Cbus Super has appointed Leigh Gavin as head of portfolio strategies to help implement its five-year strategy to internalise over half its assets under management and improve global partnerships to gain access to more investments.
Superannuation in crosshairs of aged care funding debate
The federal government and opposition have squared off over suggestions that retirement savings could be utilised to take pressure of the ailing aged care system. While Minister for Financial Services Stephen Jones has indicated super could be part of the conversation about the “crisis of aged care funding”, Deputy Opposition Leader Sussan Ley said it would further undermine consumer trust in the super system.
Viridian picks up mortgage broking group
Viridian Financial Group has acquired mortgage broker Smartmove Professional Mortgage Advisors.
TPD needs rethink, but industry split on payout methods
There is growing consensus that total and permanent disability (TPD) insurance needs a fundamental rethink. But while KPMG partner Melinda Howes questions whether lump sum TPD payouts are still “fit for purpose”, Aware Super’s head of insurance, David Evans, says members still see some value in the traditional approach.
‘Very excited’: Ben Samild on being crowned Future Fund CIO
The Future Fund Board of Governors has picked deputy CIO Ben Samild to replace Raphael Arndt as the sovereign wealth fund’s permanent CIO. While a global executive search was conducted, the former hedge fund strategist and would-be psychologist was widely seen as the frontrunner.
Former FSC, Challenger retirement income policy manager joins Iress
Retirement income policy veteran Amara Haqqani has been appointed chief operating officer of adviser software Iress.
PPS Mutual expands membership criteria
Life insurance company PPS Mutual will expand its membership eligibility criteria to any current or former member of a professional designation body.
As ART goes national, can it close the gap on AustralianSuper?
When Australian Retirement Trust opened its new offices in Sydney last month, Treasurer Jim Chalmers joked about Queenslanders “planting the flag deep in Blues territory.” But the mega-fund faces headwinds and tailwinds in its quest to expand its member footprint beyond the sunshine state and double its assets under management to $500 billion.
